Current Accounts

An Emirates Islamic Current Account is a transaction account, which comes with a checking option for the accountholder. An Emirates Islamic Current Account comes with cheque book, Debit card facilities, and a range of other banking benefits.

• An Emirates Islamic Current Account can be opened by visiting any Emirates Islamic branch. To open a Current Account at the branch, you can visit your nearest branch, fill out the account opening form and provide the required documents.
• You can also apply for a Current Account through the EI+ Mobile Banking App or Online Banking. You can submit your online application and attached the required documentation.

If you looking for a comfortable and convenient transaction account option, you can open a Current Account with Emirates Islamic. Proprietorships, partnerships, Joint Stock and Limited Liability organisations are also eligible for an Emirates Islamic Current Account.

Yes. Opening a joint Emirates Islamic Account is possible. The account can be operated independently or jointly. For specific tasks (like the opening/closing of the account), joint authorisations will have to be provided. A joint account can’t be opened if one of the respective individuals is a minor.

An Emirates Islamic Current Account can be opened for several major currencies, including AED, USD*, GBP, Euro, Yen, Canadian Dollar, Saudi Riyal, Kuwaiti Dinar, Qatari Riyal, Bahraini Dinar and Omani Riyal.

*Foreign Currency Current Accounts do not offer a debit card and cheque book facility.

No. An Emirates Islamic Current Account does not pay out any profits.

An Emirates Islamic Current Account offers the following facilities:

• Free debit card
• Cheque Book
• Phone Banking
• Online Banking
• Mobile App
• SMS Alerts
• Availability in Foreign Currency

No. You cannot open an Emirates Islamic Current Account for a minor less than 18 years of age.

The minimum balance requirement is to maintain a minimum of AED 3,000 in the account. Where the salary is transferred to the account, the minimum balance requirement is waived.

You can view your Emirates Islamic Current Account balance and statements through Online Banking and SMS Alerts. This information can also be accessed through ATMs and IVR.

Yes, you can open a Current Account online through the EI+ Mobile Banking App or Online Banking platform.

A fee of AED 25 per month (plus applicable VAT) will be charged for not maintaining the required balance.

Yes, it is mandatory for salaried individuals.

You will be subscribed to e-Statement which will be sent to your registered mail ID on a monthly basis.

• Conventional Bank is a financial body which receives money from the depositors against fixed rate of interest and it offers liquidity to borrowers against interest. And it is governed by conventional banking laws.
• Islamic Bank is a financial body which executes commercial contracts likes sale, leasing, construction and are governed by Islamic Banking laws which allow for financial bodies to carry on commercial activities for profitable purposes.

• In Conventional Banking, Savings Account and Fixed Deposit (FD) are a special type of Savings Account that pays a predetermined interest over a predetermined period of time. The depositors from conventional banks receive Interest from their investments in the form of predetermined interest rates irrespective of bank’s performance.

• In Islamic Banking, bank depositors receive their returns depending solely on the bank’s performance. Unlike Conventional Banks, an Islamic Bank acts as an intermediary between the depositor and the financee. As such, Islamic banks declare their profits on a monthly basis as part of their risk sharing scheme “Mudaraba Scheme”.

• Interest is certain amount of return from specific sum of money invested over predetermined period of time. This is not permissible as per Shari’a.

• Profit is an undetermined return from specific sum of money invested over a predetermined period of time and it may vary from month to month, directly depending on how the bank performs. This is permissible as per Shari’a.